The Financial Planning Blog
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A Family Limited Partnership (FLP) is a limited partnership that families use to manage family enterprises and other family investments. The FLP has two classes of partners—general and limited. The general partners retain managerial and financial control over the partnership. Typically, once the senior family member(s) transfer the family assets into the FLP, they keep the general partnership interests, which are typically a small percentage of the partnership, and transfer the limited partnership interests to the younger family members through gifts.
"Only a few of the families I have worked with over the past decade have taken time to fully capture their family story and harness its legacy-building power." How happy is your family? Do you communicate about what matters most? Do you truly know each other? Mere facts are meaningless until infused with significance. Your family's passions, longing, failures, regrets, and wins are the fabric of life—and the stories that recall "life" are crucial to building a lasting legacy.
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Build Your Living Legacy While You Educate The Next Generation Early in your children’s lives, you can share your values, family history, and insights through light-hearted conversation and stories centered on the beliefs and decisions that shaped your successes, failures, and your vision for the future.
Financially savvy couples use 4 key money moves to stay organized, on track, and harmonious. They leverage today's tools and technology so they can feel confident and excited about the future.
There isn’t much grandparents won't do for their grandchildren. In our practice, we are often asked, "How can I help my grandchildren after I’m gone? Can I build a legacy that will remind them of me and provide them additional security?"
When you attain a level of financial security where you feel the freedom to devote resources to causes and organizations that you value, it's worthwhile to take time to think, dream, and plan before you give. Reflecting on your underlying motivations to give can lead to more effective and focused philanthropy and ensure that you work toward achieving your desired legacy.